Gold Hits $4,171 as US Consumer Confidence Misses Forecasts

Key Facts

1Gold prices hit a session high of $4,171/oz following the release of weak US economic data.

2The Conference Board's Consumer Confidence Index fell to 81.9 in September, missing the consensus forecast of 89.2.

Gold prices hit a session high of $4,171 per ounce following the release of weak US economic data. Kitco reported that the Conference Board's Consumer Confidence Index fell to 81.9 in September, significantly missing the consensus forecast of 89.2.

The disappointing data boosted the appeal of gold as a safe-haven asset amid a worsening economic outlook. According to Kitco, gold prices saw a 1.36% gain on the daily chart at the time of the release, while consumers' average 12-month inflation expectations rose to 6.1%.